20 September 2006 

London, UK (KRG.org) – Dr. Ashti Hawrami, the Kurdistan Regional Government’s (KRG) Minister for Natural Resources, held a briefing today on petroleum exploration and development in the Kurdistan Region to an audience of more than 60 oil industry representatives, analysts and journalists. 

KRG officials organised the briefing to meet the considerable demand for more information after the government published a draft Petroleum Act for the Kurdistan Region. 

Dr. Hawrami said, “We are confident that the draft Petroleum Act is inclusive of all of Iraq, and is fair, clear and investor-friendly. It creates a win-win situation for all of Iraq. If it is passed by the Kurdistan National Assembly, it will bring inward investment that will benefit the people of both the Kurdistan Region and all of Iraq.” 

Dr. Hawrami added, “We have incorporated into the Draft Act constructive comments and feedback from Kurdistan and abroad, from oil companies, NGOs and the wider investment community.” 

Dr. Khaled Salih, the KRG’s Official Spokesman and former constitutional adviser, told the participants that Iraq’s constitution, which is the basis for the Kurdistan Region’s draft Petroleum Act, gives priority to regional laws. He said, “The whole point of regions and governorates sharing revenues from natural resources is that it will prevent conflicts in the future.” 

Dr. Jonathan Morrow, the ministry’s senior legal adviser, emphasised the draft Petroleum Act’s modern and socially responsible stipulations. He said, “The proposed Act includes provisions regarding environmental protection and local participation, as well as anti-corruption and investor-friendly provisions. The draft has also been improved thanks to the feedback we received.” 

Mr. Magne Normann, DNO’s Senior Vice-President for the Middle East, spoke of his company’s positive experience on the ground exploring for oil in the Kurdistan Region. He said that his company and staff had had no security problems and enjoyed the full support of the KRG. 

Several multinational and smaller petroleum exploration companies attended the briefing, as well as industry service providers, analysts and journalists. 


As per KRG's agreement with the Iraqi government and under the 2015 Budget Law


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